Fieldless Farms, a Candian vertical farming company, raised $17.5 million in equity and debt to expand operations at its Cornwall facility by 10 times. The expansion will help Fieldless better meet demand for its cut lettuce mixes, and introduce new products in high-volume grocery categories.
“Since launching across the Farm Boy chain in 2019 we’ve been propelled by the enthusiasm for our products. Canadians are hungry for better options and we can’t keep shelves stocked,” said Jon Lomow, CEO of Fieldless Farms.
The company’s first farm in Cornwall, Ontario, launched in 2019. Shortly after they launched their lettuce mixes across Ontario in the grocer Farm Boy and another handful of independent grocers.
“In Canada we import around $60 billion worth of food each year and happen to have the largest trade deficit in the world for lettuce. We rely on other nations to feed us, and it’s risky and unsustainable. We’re building Fieldless to address that massive opportunity,” Jon added.
The financing round was led by Canada’s most experienced Ag & Food fund, Forage Capital Partners and includes Farm Credit Canada (FCC) and BDC, the bank for Canadian entrepreneurs.
“We really like Fieldless’ approach and what the company has been quietly and cost-effectively building here in Canada. We think the company is well positioned in the current economic climate for steady and significant growth,” said Jim Taylor, CEO of Forage Capital Partners.
BDC participated equally in the debt portion of the fundraise with FCC. “BDC is thrilled to be working hand-in-hand with FCC to support Fieldless with its expansion plans. A greener future is on the horizon, when we invest side-by-side in projects that are essential for Canada’s food sovereignty,” said Kunle Tauhid, BDC’s Vice President for Eastern and Northern Ontario.
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